The Europe Electric Utility Vehicle Market would witness market growth of 5.0% CAGR during the forecast period (2022-2028).
Since the introduction of the first electric carriage, electric utility vehicles have been utilized for commercial as well as work-related purposes. During the postwar period, there was a demand for lightweight utility vehicles that did not rely on fossil fuels. At that time, a number of researchers and inventors were required to create and manufacture a low-speed vehicle powered by an alternate fuel source.
Electric cars (EVs) are gaining popularity as primary vehicles as a result of their low emissions, cheaper fuel source, and reduced maintenance requirements. Nevertheless, the advantages of electric vehicles are not limited to cars and trucks. There are also numerous electric utility cars on the market that can meet all of the outside requirements of customers. Similarly, to standard EVs, electric utility vehicles are quieter than ordinary UTVs, and it is less expensive to use electricity as a fuel source as opposed to gasoline.
The presence of well-established automobile manufacturers in Europe, in addition to ongoing developments for intelligent and cleaner delivery services in the region, is anticipated to result in significant growth in the market for electric utility services in Europe. This growth is likely to be substantial. For instance, in 2018, United Parcel Service (UPS) made an announcement on the debut of an electric vehicle (EV) charging infrastructure for its delivery fleet in London. The goal of this initiative was to provide more efficient and environmentally friendly delivery services.
The Germany market dominated the Europe Electric Utility Vehicle Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,700.1 million by 2028.The UK market is anticipated to grow at a CAGR of 4.2% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 5.9% during (2022 - 2028).
Based on Vehicle Type, the market is segmented into Industrial Electric Utility Vehicles, Electric Shuttle Carts, Electric Utility Carts, Electric UTVs and Electric ATVs. Based on Propulsion, the market is segmented into Pure Electric and Hybrid Electric. Based on Application, the market is segmented into Industrial, Commercial Transport, Recreation, Agriculture and Others. Based on Seating Capacity, the market is segmented 2-Seater, 1-Seater and Greater Than 2 Seater. Based on Battery Type, the market is segmented into Lithium-Ion, Lead Acid and Others. Based on Drive Type, the market is segmented into 2WD, 4WD and AWD. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Electric Utility Vehicle Market will Hit $24.9 Billion by 2028, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Textron, Inc., Polaris, Inc., Yamaha Motor Co., Ltd., Toyota Industries Corporation, BYD Company Ltd., Kion Group, Godrej Group (Godrej Material Handling), Columbia Vehicle Group Inc. (Nordic Group of Companies, Ltd.). Waev, Inc., and Addax Motors N.V.
By Vehicle Type
By Propulsion
By Application
By Seating Capacity
By Battery Type
By Drive Type
By Country
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